Looks like a Bull Flag. I'm expecting a pullback next week which will correspond with an overdue SPY bounce. Will enter at the lower trendline with a close stop as this instrument is extremely volatile. We should start seeing the real panic soon.
You are drawing the wrong conclusions by just looking at the daily chart. Judging by the monthly chart we are rather in a downward movement.
the_sunship
⋅
@artifact4727, You may be correct, but look at the last time we had bullish divergence on the monthly chart. We didn't just go back down after a spike, we went up much farther. Either way, I thank you for the comment.
Polotto
⋅
@artifact4727, I'm not convinced about that. To me on the monthly is a long.